MR Gerry Hickey has resigned his position as managing director of Irish Continental Group's ferry division after a year and a half in the job. An announcement from the company to the Stock Exchange said he was "to pursue other interests."

Meanwhile the group's marketing director, Mr Frank Carey, is to retire next March after 29 years service with the company.

Mr Hickey joined ICG in June 1995, having previously worked as an assistant secretary in the Department of the Marine. Before that he had worked for 25 years for the Department of Finance. His resignation takes effect on March 31st, 1997.

Mr Hickey said yesterday that he would be "taking up another career in the very near future, in an area that I am comfortable with. I am talking very specific terms with somebody at the moment."

ICG's Irish Ferries division is the only Irish company providing a ferry service to Britain and Europe. The company has reported generally rising passenger and freight revenues overall, but there is continued pressure for rationalisation and cost-cutting in the whole sector. ICG has had a difficulty with its Rosslare to Le Havre route, where turnover has fallen and costs increased. This led the company to recently seek a £10 million subsidy from the Government to allow the route to continue year-round, but this was turned down by the Minister, Mr Barrett.